Reported by: banking|Updated: November 15, 2020
Global digital payments software and solutions provider ACI Worldwide announced its ACI Fraud Management in the cloud. It said the solution enables Indian banks to protect the rapidly growing number of UPI transactions across the region. The solution, delivered via the cloud, offers greater scalability at significantly lower costs. It can be deployed without changes to a bank’s existing UPI solution and can approve or decline transactions based on consumer behavior, counteract SMS spoofing and blacklist fraudulent accounts. Banks benefit from custom-defined workflows and scoring methods, centralized auditing and automated case updates, helping make fraud management simpler, more flexible and cost-effective. The solution also alerts account holders to potential fraud events, enabling them to easily confirm or deny transactions. Kaushik Roy, Vice President and Country Leader – South Asia, ACI Worldwide, said the multi-layered approach to fraud management for UPI delivers key SaaS benefits – faster time to value and scalability in a secure and cost-effective environment. Additionally, it leverages cloud automation to enable non-technical users to test, change, deploy and scale new rules and machine learning models to match existing and emerging fraud trends within minutes. UPI clocked record monthly transactions in October for the seventh consecutive month, with 2.07 billion transactions totaling more than Rs 3.86 lakh crores in value.